Hong Kong’s New World Development suspends trading as financial rescue speculation mounts

Hong Kong property developer New World Development suspended trading of its shares and a series of bonds on Friday morning, pending an announcement. Trading in the developer’s shares and 14 bond issues, issued by its wholly owned subsidiaries and guaranteed by the company, was halted at 9am, according to a Hong Kong stock exchange filing. New World’s shares last closed at HK$4.87. The suspension comes after Bloomberg reported on Tuesday that Chow Tai Fook Enterprises was seeking about HK$5…

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